The recent visit by officials from the Enforcement Directorate (ED) was related to a routine inquiry under the Foreign Exchange Management Act (FEMA), according to Byju’s legal team spokesperson.
The Directorate of Enforcement (ED) earlier today said it has conducted searches and seizure action at three premises in Bengaluru in the case of Raveendaran Byju and his company ‘Think & Learn Private Limited’ under the provisions of FEMA. Of the three premises, ED said two are Business and one residential. The company runs a popular online education portal under the name of Byju’s.
“We have been completely transparent with the authorities and have provided them with all the information they have requested. We have nothing but the utmost confidence in the integrity of our operations, and we are committed to upholding the highest standards of compliance and ethics,” Byju’s legal team spokesperson in a statement to ANI said.
The spokesperson added the company will continue to work closely with the authorities to ensure that they have all the information they need, and added it is confident that the matter will be “resolved in a timely and satisfactory manner”.
“We want to emphasize that it is business as usual at BYJU’S. We are committed to delivering high-quality educational products and services to our customers across India and the world,” the spokesperson said, adding that it remains focused on its mission to transform the way students learn.
Earlier, ED in a release said searches on Byju’s also revealed that the company has received foreign direct investment to the tune of Rs 28,000 crore (approximately) during the period from 2011 to 2023.
Further, ED said the company has also remitted Rs 9,754 crore (approximately) to various foreign jurisdictions during the same period in the name of overseas direct investment.
(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)
